Bitcoin's Predicted Drop
Updated
Bitcoin has been up and down lately. With nothing showing any definite long or short positions in the 30 minutes, 1 hour, and even 2 hour candles. But when we pull it back to 4 hour candels we can see that bitcoin has started to make a head and shoulder pattern. Starting on April fools days it went up around 660 in 16 hours. Then it went and completed its head on April 10 with its high at 5488. When it jumped up it hit the first resistance of around 5500. since then its been on a down trend with low volume. the rsi is showing bearish patterns but if bitcoin does decide to drop we can expect a support of the 100 MA at 4800. If it does break through we can expect a drop down to 4600 and even 4400.
Let me know in the comments what you think of my first trend analysis.
Let me know in the comments what you think of my first trend analysis.
Note
here is an updated trend analysis.
Note
Please leave a like and comment if you agree or disagree with my prediction. I’d love to have a conversation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.